PM SVANidhi program for street vendors: advantages, loan amount, tenure | Latest India News
Prime Minister Narendra Modi will virtually distribute loans to nearly 300,000 street vendors on Tuesday as part of Pradhan Mantri Street Vendor’s Atmanirbhar Nidhi Yojana or PM SVANidhi program. PM Modi will also interact with the beneficiaries. Uttar Pradesh has so far received 557,000 supplier inquiries, the highest across the country.
âThe program aims to facilitate unsecured working capital loans of up to INR 10,000 / – for a period of one year, at around 50 lakh street vendors, to help them resume their activities in urban areas, including surrounding peri-urban / rural areas. region, âthe ministry said.
Here’s everything you need to know about the diagram:
1. The Atmanirbhar Nidhi program of PM SVANidhi or Pradhan Mantri Street Vendor was launched on June 1, 2020 by the Ministry of Housing and Urban Affairs to help street vendors, who have been affected by the coronavirus pandemic, to resume their livelihood activities.
2. The program aims to provide working capital loans up to Rs 10,000 at a subsidized interest rate. The interest subsidy on early or early repayment of the loan is 7 percent, and street vendors will be allowed to repay the loan in monthly installments within one year.
3. If someone can pay earlier than the tenure, an interest subsidy of 7% per annum will be credited to the beneficiaries’ bank accounts each quarter. And, there will be no penalty on the prepayment of the loan.
4. In addition, there is a monthly cash back incentive on digital payments. The benefits can be used by street vendors or hawkers in urban, pre-urban and rural areas.
5. Scheduled commercial banks, regional rural banks, small finance banks, cooperative banks, non-bank financial corporations (NBFCs), microfinance institutions and self-help group banks (SHGs) will provide loans under the program.
6. There are several ways to apply for a loan. The documents required for KYC are Aadhaar card, voter ID card, driver’s license, MNREGA card and PAN card. The loan application can be completed at www.pmsvanidhi.mohua.gov.in or by visiting a nearby correspondent bank (BC) or agent of a microfinance institution (MFI). Documents can also be uploaded to the PM SVANidhi mobile app.
7. The PM SVANidhi program is available for beneficiaries belonging only to States and Union Territories that have notified rules and program under the Street Vendors Act 2014 (Protection of Livelihoods and Regulation of street sale). However, beneficiaries of the Meghalaya, which has its own state street vendor law can also benefit from the benefits of the program.